Growing Children Need an Updated Estate Plan
- Posted in: Estate Planning
Every parent knows how miraculously fast children seem to grow and develop. So many parents find themselves marveling that their child’s foot ever fit into that tiny set of infant socks, or wistfully packing up the blocks and books their child has outgrown for electronic games or more mature interests. It is cliché to say that children grow like weeds, but it’s an undeniable truth, and it’s important to remember that clothes and toys are not the only things our children will outgrow. They also will outgrow your estate plan.
This is not to say that they will no longer need the protection of your estate plan—not at all! But they will need you to update that plan. Careful provisions for legal guardians and daily maintenance will make way for education trusts to encourage college and graduate degrees, which will in turn make way for asset protection provisions to keep your child’s inheritance safe from predators, creditors, or divorce. Whatever your child’s age, our firm can help tailor a plan that fits his unique and changing needs perfectly.
Luckily children don’t outgrow estate plans as quickly or as often as they do clothes, but it’s a good idea to review your plan periodically to make sure it still protects and provides for your growing family. A plan that takes great care in nominating guardians is great for your 5 year old daughter, but it won’t do much good if that daughter is grown and perhaps caring for her own child.
Don’t let your estate plan become obsolete as your children grow, keep it relevant and updated and rest easy in the knowledge that whatever their ages, you will always be giving your children exactly what they need.